New York offers home improvement loans through utility bills

Starting today, homeowners can use their utility bills to borrow money to help pay for new air conditioners, boilers, hot water heaters and other home improvements that will save energy over time.

The on-bill recovery financing program allows homeowners to borrow up to $25,000 over 15 years at 2.99 percent interest to make approved home improvements and appliance purchases. The amount borrowed will be paid back on National Grid or other utility bills.

There is no income requirement to be approved for the program. Homeowners can start applying for the program today. The payback won’t kick in until May 31. No interest will be charged to qualifying homeowners before then.

Homeowners must apply for the loans through the New York State Energy Research and Development Authority.